The Nigerian National Petroleum Company (NNPC) Limited has revealed that it recorded a trading surplus of 141.96 billion in June 2021, compared to a deficit of 37.46 billion which it recorded in May 2021.
The company’s Group General Manager, Group Public Affairs Division, Malam Garba Deen Muhammad, announced this in a statement on Sunday in Abuja.
The statement said the feat is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).
The statement noted that in June 2021, the NNPC Group’s operating revenue, compared to May 2021, decreased by 9.07 per cent, or N89.27 billion, to stand at N894.64 billion.
Similarly, expenditure for the month decreased by 29.32 per cent, or N299.44 billion, to stand at N721.93 billion.
Thus, in the period under review, expenditure as a proportion of revenue was 0.81 per cent, compared to the figure in May, which stood at 1.04 per cent.
The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).
The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC), which also added to the improved bottom line.
